Bank of Maldives (BML) today announced a Net Profit of MVR 448 million for the second quarter of 2024.

The Bank’s operating profit for the quarter was MVR 698 million, up 3% compared to the same period last year.

The Bank recorded MVR 2.8 billion in new loans to individuals and businesses during the first half of the year. Business volumes across all key sectors has been robust during the quarter and capital ratios remain solid and well above regulatory requirements.

They noted that the total Assets at the end of the quarter stood at 44.9 billion and deposits amounted to MVR 29.5 billion. Operating Costs were maintained despite inflationary pressures and provision cover remains strong at 100%.

During the quarter, the Bank launched the first ever Shari’ah compliant credit card in the Maldives as well.

"The new Home Build as well as the Home Equity Loans were introduced to cater to the growing customer needs for home construction and renovation. As part of the Bank’s CSR initiative, ‘Bank Fund’ was launched to empower NGOs to contribute to their communities through sustainable projects," a press release by the Bank highlighted.

With a nationwide network of 38 branches and service centres, 86 Self Service Banking Centres, 144 ATMs, cash agents and a full suite of Digital Banking services, Bank of Maldives is committed to supporting individuals, businesses and communities across Maldives.